Coinbase-backed Base network has launched permissionless fault proofs to boost security and decentralization.
Ethereum Layer 2 Base network developed by Coinbase Global Inc (NASDAQ: COIN), is set to become more decentralized. The L2 protocol plans to release its permissionless fault proof solution on October 30, 2024. This update aims to enhance security by removing central control from a single entity. This product marks a significant milestone for the platform and the broader Ethereum (ETH) ecosystem.
Understanding Fault Proofs and Its Benefits
Base is designed to solve Ethereum’s scalability problem. It does this by handling transactions off the main chain, while still maintaining Ethereum’s security. Also, Base works as an optimistic rollup, combining many transactions into one. This helps reduce crowding and lower gas fees on the ETH network. However, rollups need a way to ensure that off-chain transactions are valid and trustworthy. This is where fault proofs come in.
Fault proofs are instrumental in the decentralization of Layer 2 networks. The permissionless fault-proof system is designed to enhance the overall validation process. It enables anyone to propose or challenge claims about the network’s state in a permissionless manner. If an invalid claim is made, it can be challenged by others using the fault-proof mechanism.
This development shifts the power from centralized operators, who previously had exclusive rights to make such claims, to the wider community. With a fault-proof launch, Base will reduce its reliance on central authorities and enhance transparency and accountability.
This move could create a standard for other Layer 2 solutions in the Ethereum ecosystem. Platforms are looking for ways to scale while staying decentralized. In line with this, Base rival, Optimism has also announced the implementation of fault-proof functionality on its mainnet.
More Improvement to the Base Network
Several additions have gone live to improve the Base network in the last few months. In August, the fast-growing L2 solution made a solid entry in the on-chain identities sector by launching “Basenames”.
These Basenames are built using the Ethereum Name Service (ENS) infrastructure. They allow users to simplify their complex hexadecimal wallet addresses into user-friendly, readable names. However, this name service is not new in the crypto ecosystem; other protocols have also implemented it.
It is quite similar to website subdomains, which allow an existing ENS domain owner to create and manage multiple surnames or subdomains under their primary name. In its announcement, Base explained that Basenames will serve as a critical ecosystem component. The protocol said it will make it easier for users to interact within the blockchain space.
For a network launched only last year, Base has grown tremendously. It has climbed the ladder to become the second on the top industry leaderboard provided by L2Beat. Out of 74 active L2 networks, it has about 18% of the market share. It comes right after Arbitrum One, which dominates with a 40% share.
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